New business incubator to support innovative ideas in Stara Zagora

The creation of a business incubator to support young entrepreneurs in the region is emerging as a strategic priority for the Municipality of Stara Zagora in the context of the coal transition and the need for economic transformation. This was announced by Rositsa Raykova, Head of the Investments, Energy Efficiency and Green Transition Department, during the "Opportunities for Entrepreneurship in Stara Zagora" seminar.

The business incubator will be a key hub where ideas will turn into real businesses with the support of mentors, professionals and consulting companies.

It will provide a community, access to information, guidance, and an environment for exchanging ideas – everything young entrepreneurs need to take the first step," emphasized Raykova.

The concept for the incubator took shape through a project funded with technical assistance from the European Commission and is fully tailored to the specific needs and realities of Stara Zagora. Funding is expected under the Just Transition Fund to enable the idea to be implemented in practice.

How was the idea born?

The decision to create an incubator is based on a comprehensive strategy for the development of entrepreneurship, innovation and digitalization in the area. As part of the project, a survey was conducted among nearly 500 high school graduates who expressed a clear desire to start their own business but cited a lack of information and support as the main obstacles.

Young people believe that they can find realization as entrepreneurs, but they feel insecure and unprepared. This is where the role of the business incubator comes in - it will be their partner at the beginning of the path," commented Raykova.

The bigger picture

The incubator project is part of a broader vision for the economic transformation of the region. Stara Zagora, known for its industrial history, is seeking a new beginning by promoting small businesses and innovative sectors. According to the analysis, prepared with the participation of the consulting company, the entrepreneurial ecosystem in the region suffers from a lack of innovation, information infrastructure and links between the education and business sectors.

We don't want to copy foreign models. We are working on a concept that is applicable right here – in our city. We want to build a base from which the entrepreneurial movement can actually take off," said Raykova.

The study shows that the economy of Stara Zagora is dominated by micro and small enterprises, mainly focused on trade and manufacturing. However, these sectors have low innovation potential and are highly dependent on consumer demand.

These are businesses that rarely invest in innovation and digitalization. The problem is not just capital - there is a lack of information systems and institutions to help entrepreneurs," explained Raykova.

Co-funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or the Managing Authority. Neither the European Union nor the Managing Authority can be held responsible for them.

Translated by Tzvetozar Vincent Iolov